A new software tool launched by Venminder promises to provide the ability to easily screen vendor or supplier performance across multiple risk domains. Venmonitor provides comprehensive coverage into cybersecurity risk, ESG risk, privacy risk, Know Your Vendor risk, business health and credit risk, and negative news and adverse media.

As outsourcing has become a necessity for almost all organizations, so has the need to implement a strong third-party risk management and monitoring program. Venmonitor can help the many organizations that have struggled to keep up with the evolving risks posed by third parties by providing access to essential data that can be used to highlight initial risks pre-contract and flag potential risks during the ongoing monitoring of existing, contracted vendors.

Venmonitor helps solve these pain points with its two primary frequencies, a point-in-time for on-demand screening and a continuous monitoring solution where data on loaded vendors is refreshed automatically.

“We are very excited to announce the availability of Venmonitor,” said James Hyde, CEO of Venminder.

“In recent years, the market has exploded with an incredible number of providers offering valuable risk intelligence to address the evolving risks posted by third parties today, which, at the same time, has also made it difficult for organizations using that data to have a single source of truth to consume it. We’ve designed Venmonitor to provide the centralized location for essential cross-domain risk intelligence data, giving teams valuable access to quick and consumable intelligence that they can use as directional guidance and more efficiently vet, screen, and monitor their third parties.”

With Venmonitor, organizations can enhance the efficiency of their third-party vetting, screening, and monitoring workflows, particularly in the following areas:

Venmonitor was built inside Venminder’s third-party risk software platform, enabling its 1,200+ customers to immediately begin implementing the risk profile screening of third parties, however, Venmonitor is also available for purchase as a standalone software tool.

Venmonitor compiles risk data from many of the industry’s leading risk intelligence providers. Given each data provider has different datapoints and individual risk scoring or rating methodologies, Venminder has crafted its own proprietary, normalized risk rating on each data provider that rolls up to provide an overall proprietary Venmonitor risk rating.

Within Venmonitor, the key risk domain areas include:

For more information visit http://www.venminder.com/products/venmonitor/overview